Join our Waitlist for Expert Advice!

India Needs USD 1 trillion By 2030 To Achieve Climate Change Adaptation Target: IFC Collaboration between public, private, and philanthropic capital is critical for unlocking development gains and addressing massive global challenges.

By Priyanka Tanwer

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Photo Curtesy: Freepik

India needs around USD 1 trillion by 2030 to achieve its climate change adaptation target and will have to go for blended concessional finance to mobilize private investments.

"As per estimates in India's long-term low emission development strategy, submitted to the United Nations Framework Convention on Climate Change (UNFCCC) in 2022, the country needs tens of billions of dollars by 2050 to ultimately achieve net zero by 2070. Based on updated NDCs, India's adaptation finance requirements stand at around $1 trillion by 2030," International Finance Corporation said in its report.

A joint report by IFC and the International Energy Agency called for the scaling up of private finance for clean energy in emerging and developing economies as the public funding of this magnitude could be difficult to allocate, especially because of the need to route limited public funds towards immediate social priorities and contingencies.

"Investments need to more than triple from USD 770 billion in 2022 to USD 2.2-2.8 trillion per year by the early 2030s to help emerging markets reach their energy and climate goals. Around 60 per cent of this will need to come from the private sector," the report stated.

Accordingly, there are several innovative financing instruments that can unlock private sector climate-related investments and blended concessional finance for climate is the one which has become a powerful tool to mobilize private investments.

Collaboration between public, private, and philanthropic capital is critical for unlocking development gains and addressing massive global challenges such as climate change.

"There is a need to access stable funding sources to meet these commitments and develop a broader and more mature sustainable finance ecosystem," Wendy Werner, Country Head, India, IFC stated.

She said that it was imperative to boost efforts to mobilize sustainable finance to build a green and resilient economy, and the financial sector has a key role to play in scaling up climate finance in order to set India squarely on the net-zero path.

As Per Government of India estimates, the country needs to scale up climate investments from USD 18 billion per year to USD 170 billion per year to achieve its net-zero targets.
Priyanka Tanwer

Sr. Correspondent

With eight years of experience covering various beats for the digital and print media, now covering electric vehicles and sustainability for Entrepreneur India, keeping a nose for innovation and new technology in this futuristic sector. You can reach me at tpriyanka@entrepreneurindia.com     
Leadership

4 Bold Leadership Moves Every Successful CEO Uses to Navigate Change

Ready to turn fear into fuel and lead with confidence? In this article, I share how leaving my corporate job without a plan led me to build a thriving business. Learn four bold strategies to embrace uncertainty and turn challenges into opportunities for growth today.

Marketing

5 Ways ChatGPT Will Impact Digital Marketing

ChatGPT is creating ripples across the digital landscape right now. Here are five ways it can benefit your ads, campaigns and marketing strategies.

Science & Technology

How Can Marketers Use ChatGPT? Here Are the Top 11 Uses.

With the recent developments in AI and the popularity of ChatGPT, you may want to integrate AI into your marketing practices. Find out how.

Business News

LinkedIn Is Verifying Users for Free — And Kicking Out Fake Recruiters in the Process

LinkedIn is more than halfway to its goal of verifying 100 million users, and unlike X and Meta, they're not charging for it.

Business News

This Is the Goal-Setting Method Shohei Ohtani Learned in High School That Helped Get Him to the World Series

The MLB superstar's success did not come as a surprise to him. He had a plan.